PayPal Credit - Balance Transfer

funkycredit

It's easy to bypass WITHOUT a money card. 

Just make sure your partner has their own PayPal account. You then add any credit card to your PayPal account. Just add a new card (the one you'll be using to pay PayPal off - ideally a 0% on purchases or BT). 

Then straight after adding it, no need to authorise / await 4 digit deposit code, you send your partner a money gift and select the new card you added as the source. This sends your partner cash - with no fees. They then withdraw it as normal. They send it you, you use it to pay off your PayPal credit balance. 

If you do this on card 1 and you've more than one card, you can then BT the cash you sent yourself (via your partner) onto a new card with 0% BT or keep it if the card has 0% purchases. 

I send a few grand monthly to my wife to maximise points with the likes of Amex. Bad I know but hey, not been told off yet and it's not laundering as it's the same money going from Amex to PayPal to my wife to her bank to my bank back to Amex and repeat. 

Got over 65,000 points this year so far on my Amex gold.  

born_again

Tarrow said:

Basically, I think that PayPal is pulling a fast one on us.  On our credit records PayPal credit is a credit card not a loan. and give fairly high interest rates unless you have a timie-limited option running e.g. I bought my Apple Mac in 24 payments at 0% credit via PayPal credit  However, they hide the 16 digit number in order not to pay higher credit card acceptance fees and to make it much more difficult to move credit around to keep at 0% + possible fees (so basically 4% APR normally but paid upfront).  I don't know if this is legal and the MoneySuperMarket helpline refuses to help, probably PayPal gives them money not to ask questions as part of their contracts.

>>PayPal Credit is like a credit card, without the plastic. It's a credit limit that's attached to your PayPal account which you can use for your online purchases.<<

https://www.paypal.com/uk/webapps/mpp/paypal-virtual-credit/faq

It is a credit facility. Not a credit card. How the credit ref records it is not relevant to the ability to be able to use balance transfers. So it is exactly the same as a store card. Which you can not do balance transfers on.

There are plenty of credit cards that people have not been able to balance transfer too. All based on either where the credit provider is, or how they run their systems.

Mike9012

I know this is an old post, but I found a solution for myself, it may help others. I got a 0% on purchases CC - I added that credit card as a payment option on my PayPal account. I then made a payment to my partner from the new credit card of the amount required to clear PayPal credit * using Friends and family option, as it won’t incur any charges* (any friend or family member with PayPal can help here) she then withdrew the money from PayPal into her bank account, transferred the money to my bank account, I then paid off pay pay credit normally. A bit long winded, but it actually only took about 5 minutes and was super easy. Another solution if anyone is struggling. 

I did call PayPal initially for the 16 digit account number, but they refused to give it to me as they won’t allow credit to be paid with credit. 

I hope this helps. 

Sandtree

Only issue is that purchase 0% cards tend not to be as generous with their offers compared to BT 0% ones. Hence the similar technique already listed of works just as well. 

IvanDP

funkycredit said:

I send a few grand monthly to my wife to maximise points with the likes of Amex. Bad I know but hey, not been told off yet and it's not laundering as it's the same money going from Amex to PayPal to my wife to her bank to my bank back to Amex and repeat. 

Got over 65,000 points this year so far on my Amex gold.  

Does this not show as a cash advance though?
If not, sounds like a very easy way to rack up huge number of points for free 

funkycredit

IvanDP said:

funkycredit said:

I send a few grand monthly to my wife to maximise points with the likes of Amex. Bad I know but hey, not been told off yet and it's not laundering as it's the same money going from Amex to PayPal to my wife to her bank to my bank back to Amex and repeat. 

Got over 65,000 points this year so far on my Amex gold.  

Does this not show as a cash advance though?
If not, sounds like a very easy way to rack up huge number of points for free 

Nope - it just shows as PAYPAL *SALES 

However, they did pick up on it and I've had the dreaded Amex financial review so won't do it again lol. 

I'd got away with loads of points then got an email saying all my limits were restricted to £200 each so I sent a complaint off with my income and bank statements and they backtracked and reversed the blocks and limits however they told me they knew I was gleaming points and that if I use the cards on large non-store-descript PayPal purchases again; they'll block them again. Basically it would normally show as example; PAYPAL *DOMINOS. 

They now have automated systems to pick up on this. They've not taken my points - but I've been well and truly told, so I've now removed Amex from PayPal  

IvanDP

Maybe not worth the risk now then.
Shame 

SR100

Mike9012 said:

I know this is an old post, but I found a solution for myself, it may help others. I got a 0% on purchases CC - I added that credit card as a payment option on my PayPal account. I then made a payment to my partner from the new credit card of the amount required to clear PayPal credit * using Friends and family option, as it won’t incur any charges* (any friend or family member with PayPal can help here) she then withdrew the money from PayPal into her bank account, transferred the money to my bank account, I then paid off pay pay credit normally. A bit long winded, but it actually only took about 5 minutes and was super easy. Another solution if anyone is struggling. 

I did call PayPal initially for the 16 digit account number, but they refused to give it to me as they won’t allow credit to be paid with credit. 

I hope this helps. 

I have just come across this trying to find a solution, thank you! Can I ask are you aware if there is a limit on how much money you can withdraw into your bank account from paypal? I just want to make sure before I transfer the money.
Thanks

jay1804

I believe once you send or receive over £1,700, Paypal limit your account and you have confirm some personal details then they do an AML search. 

funkycredit

jay1804 said:

I believe once you send or receive over £1,700, Paypal limit your account and you have confirm some personal details then they do an AML search. 

I send my wife £££'s monthly and was abusing Amex points for ages (see above) sending large cash payments via family (no fee). 

Presumably you're talking about actual verified accounts where you've confirmed cards etc then your limits are removed (as is my case)? I never knew they had limits. Best check. Eeek! 

But in the last 12 months, I've sent way over £75k to my wife via numerous cards. I still do 3x £500 on my last 3 Halifax rewards monthly. She then transfers back to me. 

I also currently send her £2500 monthly via my Barclaycard and earn nice cashback but not bothered if they catch me and close it. Point is, I'm not limited on PayPal but thankfully so! Lol